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Kazakhstan's new AIX exchange outflanked by resurgent rival

Lack of transparency hampers privatization plan as older bourse strikes MOEX deal

An agreement between the Kazakhstan Stock Exchange and the Moscow Exchange has led to renewed questions over the viability of the new Astana International Financial Centre.

ALMATY, Kazakhstan -- Six months on from the launch of the Astana International Financial Centre, Kazakhstan's attempts to open up its capital markets appear to be foundering, with just one listing to date and a resurgence of the existing bourse.

Moreover, doubts over transparency in the country, which the new center was supposed to alleviate, persist as a barrier to foreign investment.

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